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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of recorded amount of assets and liabilities measured at fair value on a recurring basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020.

												Significant						Significant
												Other						Other
												Observable						Unobservable
						Quoted Prices						Inputs						Inputs						Total
(dollars in thousands)						(Level 1)						(Level 2)						(Level 3)						(Fair Value)
September 30, 2021
Assets:
Investment securities available-for-sale:
U.S. treasuries						$	—					$	24,854					$	—					$	24,854
U. S. agency securities						—						353,706						—						353,706
Residential mortgage backed securities						—						1,203,136						—						1,203,136
Municipal bonds						—						123,164						—						123,164
Corporate bonds						—						80,101						1,500						81,601
Loans held for sale						—						53,413						—						53,413
Interest rate caps						—						4,882						—						4,882
Mortgage banking derivatives						—						—						1,565						1,565
Total assets measured at fair value on a recurring basis as of September 30, 2021						$	—					$	1,843,256					$	3,065					$	1,846,321
Liabilities:
Interest rate swap derivatives						$	—					$	—					$	—					$	—
Derivative liability						—						73						—						73
Interest rate caps						—						5,037						—						5,037
Total liabilities measured at fair value on a recurring basis as of September 30, 2021						$	—					$	5,110					$	—					$	5,110
December 31, 2020
Assets:
Investment securities available-for-sale:
U. S. agency securities						$	—					$	181,921					$	—					$	181,921
Residential mortgage backed securities						—						825,001						—						825,001
Municipal bonds						—						108,113						—						108,113
Corporate bonds						—						34,350						1,500						35,850
Loans held for sale						—						88,205						—						88,205
Interest rate caps						—						3,413						—						3,413
Mortgage banking derivatives						—						—						5,213						5,213
Total assets measured at fair value on a recurring basis as of December 31, 2020						$	—					$	1,241,003					$	6,713					$	1,247,716
Liabilities:
Interest rate swap derivatives						$	—					$	516					$	—					$	516
Derivative liability						—						118						—						118
Interest rate caps						—						3,574						—						3,574
Total liabilities measured at fair value on a recurring basis as of December 31, 2020						$	—					$	4,208					$	—					$	4,208

Schedule of aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value

The following tables summarize the difference between the aggregate fair value and the aggregate unpaid principal balance for loans held for sale measured at fair value as of September 30, 2021 and December 31, 2020.

						September 30, 2021
												Aggregate Unpaid
(dollars in thousands)						Fair Value						Principal Balance						Difference
Loans held for sale						$	53,413					$	52,554					$	859

						December 31, 2020
												Aggregate Unpaid
(dollars in thousands)						Fair Value						Principal Balance						Difference
Loans held for sale						$	88,205					$	86,551					$	1,654

Schedule of the reconciliation of activity for assets and liabilities measured at fair value based on Significant Other Unobservable Inputs (Level 3)

The following is a reconciliation of activity for assets and liabilities measured at fair value based on Significant Other Unobservable Inputs (Level 3):

						Investment						Mortgage Banking
(dollars in thousands)						Securities						Derivatives						Total
Assets:
Beginning balance at January 1, 2021						$	1,500					$	5,213					$	6,713
Realized gain (loss) included in earnings						—						(3,648)						(3,648)
Migrated to level 2 valuation						—						—						—
Ending balance at September 30, 2021						$	1,500					$	1,565					$	3,065
Liabilities:
Beginning balance at January 1, 2021						$	—					$	—					$	—
Ending balance at September 30, 2021						$	—					$	—					$	—

						Investment						Mortgage Banking
(dollars in thousands)						Securities						Derivatives						Total
Assets:
Beginning balance at January 1, 2020						$	10,931					$	280					$	11,211
Realized (loss) gain included in earnings						—						5,735						5,735
Migrated to level 2 valuation						(9,233)						—						(9,233)
Ending balance at September 30, 2020						$	1,698					$	6,015					$	7,713
Liabilities:
Beginning balance at January 1, 2020						$	—					$	66					$	66
Realized gain included in earnings						—						(66)						(66)
Ending balance at September 30, 2020						$	—					$	—					$	—

Fair value measurement inputs and valuation techniques

For Level 3 assets measured at fair value on a recurring or nonrecurring basis as of September 30, 2021and December 31, 2020, the significant unobservable inputs used in the fair value measurements were as follows:

												September 30, 2021																					December 31, 2020
(dollars in thousands)						Valuation Technique						Description						Range						Weighted Average (1)			Fair Value						Weighted Average (1)						Fair Value
Mortgage banking derivatives						Pricing Model						Pull Through Rate						84.2% - 87.0%						85.50		%	$	1,565					79.14		%				$	5,213

(1) Unobservable inputs for mortgage banking derivatives were weighted by loan amount.

Schedule of assets measured at fair value on nonrecurring basis

Assets measured at fair value on a nonrecurring basis are included in the table below:

												Significant						Significant
												Other						Other
												Observable						Unobservable
						Quoted Prices						Inputs						Inputs						Total
(dollars in thousands)						(Level 1)						(Level 2)						(Level 3)						(Fair Value)
September 30, 2021
Commercial						$	—					$	—					$	10,019					$	10,019
Income producing - commercial real estate						—						—						18,621						18,621
Owner occupied - commercial real estate						—						—						1,593						1,593
Real estate mortgage - residential						—						—						1,281						1,281
Construction - commercial and residential						—						—						—						—
Home equity						—						—						391						391
Other consumer						—						—						—						—
Other real estate owned						—						—						5,135						5,135
Total assets measured at fair value on a nonrecurring basis as of September 30, 2021						$	—					$	—					$	37,040					$	37,040

												Significant						Significant
												Other						Other
												Observable						Unobservable
						Quoted Prices						Inputs						Inputs						Total
(dollars in thousands)						(Level 1)						(Level 2)						(Level 3)						(Fair Value)
December 31, 2020
Commercial						$	—					$	—					$	9,285					$	9,285
Income producing - commercial real estate						—						—						21,638						21,638
Owner occupied - commercial real estate						—						—						21,930						21,930
Real estate mortgage - residential						—						—						2,602						2,602
Construction - commercial and residential						—						—						103						103
Home equity						—						—						416						416
Other real estate owned						—						—						4,987						4,987
Total assets measured at fair value on a nonrecurring basis as of December 31, 2020						$	—					$	—					$	60,961					$	60,961

Schedule of estimated fair values of financial instruments

The estimated fair value of the Company’s financial instruments at September 30, 2021 and December 31, 2020 are as follows:

																		Fair Value Measurements
																		Quoted Prices (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
						Carrying
(dollars in thousands)						Value						Fair Value
September 30, 2021
Assets
Cash and due from banks						$	8,806					$	8,806					$	8,806					$	—					$	—
Federal funds sold						38,934						38,934						—						38,934						—
Interest bearing deposits with other banks						2,452,744						2,452,744						—						2,452,744						—
Investment securities						1,786,659						1,786,659						—						1,785,159						1,500
Accrued interest receivable						40,028						40,028						—						40,028						—
Loans held for sale						53,413						53,413						—						53,413						—
Loans						6,767,957						6,624,261						—						—						6,624,261
Annuity investment						14,206						14,206						—						14,206						—
Mortgage banking derivatives						1,565						1,565						—						—						1,565
Interest rate caps						4,882						4,882						—						4,882						—
Liabilities
Noninterest bearing deposits						2,836,418						2,836,418						—						2,836,418						—
Interest bearing deposits						6,080,567						6,080,567						—						6,080,567						—
Time deposits						751,503						761,212						—						761,212						—
Customer repurchase agreements						29,401						29,401						—						29,401						—
Borrowings						369,639						376,058						—						376,058						—
Interest rate swap derivatives						—						—						—						—						—
Credit risk participation agreement						73						73						—						73						—
Interest rate caps						5,037						5,037						—						5,037						—
December 31, 2020
Assets
Cash and due from banks						$	8,435					$	8,435					$	8,435					$	—					$	—
Federal funds sold						28,200						28,200						—						28,200
Interest bearing deposits with other banks						1,752,420						1,752,420						—						1,752,420
Investment securities						1,150,885						1,150,885						—						1,149,385						1,500
Accrued interest receivable						40,104						40,104						—						40,104						—
Loans held for sale						88,205						88,205						—						88,205						—
Loans						7,650,633						7,608,687						—						—						7,608,687
Annuity investment						14,468						14,468						—						14,468						—
Mortgage banking derivative						5,213						5,213						—						—						5,213
Interest rate caps						3,413						3,413						—						3,413						—
Liabilities
Noninterest bearing deposits						2,809,334						2,809,334						—						2,809,334						—
Interest bearing deposits						756,923						756,923						—						756,923						—
Time deposits						977,760						993,500						—						993,500						—
Customer repurchase agreements						26,726						26,726						—						26,726						—
Borrowings						568,077						575,435						—						575,435						—
Interest rate swap derivatives						516						516						—						516						—
Credit risk participation agreements						118						118						—						118						—
Interest rate caps						3,574						3,574						—						3,574						—

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- Definition

Tabular disclosure for aggregate fair value and unpaid principal balance for loans held for sale.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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